The ECB is more worried about a trade war than it's letting on

ECB frets about trade war

Reuters, citing ECB sources, reports that officials at the central bank are growing increasingly concerned about a trade war.

Conversations with high-ranking officials and policymakers suggested the growing fears of a trade war waged by Donald Trump's U.S. administration against its main trading partners were casting a shadow over the economy and the ECB's own policy path.

"Protectionism will have a bigger impact than now estimated," one of the sources said.

Unwinding ECB accommodation is also a risk. I don't think it's been fully priced in and markets will wake up one day."

Those are some serious comments.